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Wyoming Proposes Tax Breaks for Coal Exports

Coal News - Published on Wed, 26 Feb 2020

Image Source: CDN
Wyoming lawmakers advanced legislation that would give the state’s coal companies a tax break on coal shipped overseas through ports in Canada and Mexico. The sponsors of the bill believe the effort could help Powder River Basin coal avoid blocked export terminals in states like Washington to reach lucrative markets on the Pacific Rim. Sponsored by Reps. Bob Nicholas, R-Cheyenne, and Lloyd Larsen, R-Lander, House Bill 231 would eliminate all state severance tax payments for coal companies that, because of a mix of geography, economics and politics, currently cannot feasibly export their products to overseas markets where they could potentially be competitive against dirtier or cheaper sources. Overall, the tax cut, if passed, would reduce those companies’ taxes by 3 percent, bringing their total payment to 4 percent.

The legislation is part of a larger strategy to export Wyoming coal to Asian markets, where coal is still a popular and highly in-demand resource.

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Posted By : Nishith Sharma on Wed, 26 Feb 2020
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